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Cryptocurrency Tax and Accounting Services. We clarify crypto taxation doubts to those who currently trade and hold cryptocurrency.

Ponzi Crypto Apps cheating people in India 2023

Recent news and analysis indicate that many Ponzi crypto apps are targeting and defrauding people in India. Many of these Ponzi cryptocurrency apps lure Indian customers and scam them by promising them high returns in short period of time.

First of all, What is 'Ponzi scheme' ?

Ponzi schemes are investment plans in which the owner or operating firm pays investors' returns from new cash raised from new investors rather than from the company's revenues. 

Crypto Ponzi schemes are crypto investment frauds that pay existing investors with funds collected from new investors. Crypto is a prime target for the masterminds of Ponzi schemes. Average investors do not fully understand the technology that crypto uses or how to evaluate a cryptocurrency as a sound investment. Unlike traditional investments where investors can dig into earnings, analyst research reports, audited documents and other required regulatory material, many crypto projects are unregulated and having anonymous founders is not unusual in the space.

Ponzi schemes are named after Charles Ponzi. In the 1920s, Ponzi promised investors a 50% return within a few months for what he claimed was an investment in international mail coupons. Ponzi used funds from new investors to pay fake “returns” to earlier investors. This article features the 10 crypto Ponzi schemes that ravaged the digital asset market in 2022.

Ponzi crypto app dupes people by offering high returns. 

Here are points to note on how these Ponzi crypto apps are duping people by offering higher returns. The life savings of many people are being wiped out after they invest in these crypto apps which promise daily and monthly returns.

One such app claimed to be a US-based firm, had opened two Telegram groups which had more than 19,000 members where they spread their investor base. The app lured investors by offering huge returns. At the beginning stage, the app even let investors withdraw their profits. It also offered heavy bonus to those who got more people to invest in the app. Later there were no option to withdraw investment funds and the app itself vanished from app stores and ceased to function.

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2022 India Cryptocurrency scam of 500 crores

Recently, In New Delhi, a group of investors were scammed into one of the largest 2022 India Cryptocurrency scam with a whopping sum of 500 crores rupees. All this was done on the promise of 200 percent returns on their investments. 

Aside from promising a 200 percent annual return on investment, these accused also promised their investors a 5-20 percent monthly returns, that were to be credited to the investors' bank accounts on the 5th, 15th, or 25th of every month, according to the testimony of the victims.

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FAQ about Crypto Arbitrages

Crypto arbitrage trading is a type of trading strategy where investors capitalize on slight price discrepancies of a digital asset across multiple markets or exchanges. In its simplest form, crypto arbitrage trading is the process of buying a digital asset on one exchange and selling it (just about) simultaneously on another where the price is higher.

Arbitrage exists in traditional financial markets long before the emergence of the crypto market. And yet, there seems to be so much hype surrounding the potential of arbitrage opportunities in the crypto scene. You must have heard of USDT/INR Arbitrage Opportunities and how some people made tons of money via this Arbitrage strategy. 

The hype around arbitrage opportunities in the crypto markets is most likely because the crypto market is renowned for very highly volatility (as compared to other financial markets). This highly volatility leads crypto prices to deviate significantly over a certain time period on different exchanges. Because crypto assets are traded globally across hundreds of exchanges 24/7, there are far more opportunities for arbitrage traders to find profitable price discrepancies.

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Recover Money from Cryptocurrency scams in Hongkong

This article is on how to recover money from cryptocurrency scams from Hongkong if you have been scammed into a cryptocurrency fraud. Cryptocurrency has become the new tool of choice for fraudsters given the decentralised nature and easy access of the cryptocurrency market. Similar to…

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KYC and AML for cryptocurrency transactions

Know-Your-Customer (KYC) identity verification procedures have become vital to ensure that Anti-Money Laundering (AML) and Combating-Financing-of-Terrorism (CFT) efforts to curb cryptocurrencies-associated crimes are successful. This aspect is of paramount importance for crypto investors engaged in P2P transactions and those who engage in USDT INR Arbitrage.

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Withdrawing INR to Bank from the cryptocurrency

Many Crypto Investors and Traders are very nervous about withdrawing INR to Bank from the cryptocurrency. These are normally the profits that they have earned from the cryptocurrency investments or trades. Their main concern is due to lack of knowledge about banking regulations and fear…

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Cryptocurrency and Black Money Act

Many Cryptocurrency Traders & Investors have holdings in foreign exchanges such as Binance, FTX, etc. Plus many hold Cryptocurrency in wallets in foreign countries. All these individuals need to disclose all their foreign assets while filing their tax returns otherwise they would be in violation…

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Income from Hackathons & Airdrops

I frequently get this question - is Income from Hackathons & Airdrops taxable?Hackathon prize money keeps rising each year as organizations learn to take advantage of their value. Runner-up cash prizes are now in the Lakhs, and grand-prize payouts are as high as One crore…

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Starting Cryptocurrency Exchange in India 2023

Lots of new age dynamic entrepreneurs reach out to us seeking help in starting cryptocurrency exchange in India 2021. Cryptocurrencies are a huge opportunity for those who are planning to make some financial benefits from them. They are options like mining Cryptocurrencies like Bitcoin, Ethereum, etc.

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